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Spain open to Taqa’s bid for potential Naturgy takeover

The Abu Dhabi oil major confirmed this week that it was holding talks with Naturgy’s three largest shareholders

The Spanish government is open to allowing Abu Dhabi National Energy Company (Taqa) to make a potential takeover bid for energy firm Naturgy, according to a media report.

“I have spoken of the need to be vigilant and guarantee energy security in defence of Spain’s strategic interests,” Reuters reported Spanish energy minister Teresa Ribera as saying at a press conference.

This does not mean vetoing any company or investor, she said.

The Abu Dhabi oil major confirmed last week that it was holding talks with Naturgy’s three largest shareholders.

Criteria Caixa owns 26.7 percent stake in Naturgy. Global Infrastructure Partners (GIP) and CVC Capital Partners, each own a 20 percent stake in the Spanish energy major.

Ribera said Spain had mechanisms to safeguard its interests, citing approval of Australian fund IFM’s partial takeover bid for Naturgy in 2021 as an example.

The government-imposed conditions included protection of jobs, investment and supply of gas and electricity.

However, the minister said that the government will keep a close eye on Naturgy talks.

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